In line with the requirements outlined within Renting Homes (Fees etc.) (Wales) Act 2019, you are required to pay a refundable holding deposit equivalent to one week’s rent in order to reserve a property.
The purpose of the holding deposit is to enable both the landlord and tenant to demonstrate a commitment to entering into a tenancy agreement on the terms agreed whilst reference checks are undertaken. The holding deposit creates a binding conditional contract between tenant and landlord.
Under this contract, the tenant agrees to provide honest representations as to income, tenancy history, and references, and to enter into the tenancy under the terms agreed with the landlord.
The landlord agrees to enter into the tenancy as per the agreed terms subject to satisfactory fulfillment of all pre-tenancy checks. The ‘deadline for agreement’ for both landlord and tenant will be within 15 calendar days from the date that the holding deposit has been received by the landlord or letting agent.
The tenancy agreement must be signed by all parties within 15 calendar days from receipt of the holding deposit.
The tenant will be notified of any extension to the 15-day deadline in writing. The tenant must request an extension to the 15-day deadline in writing.
The property will be withdrawn from the market pending referencing.
The holding deposit will be retained by the landlord/letting agent if false or misleading information is provided which affects a decision to let the property and calls into question your suitability as a tenant.
The holding deposit will be retained by the landlord/letting agent if you fail referencing.
The holding deposit will be retained by the landlord/letting agent if you withdraw from the proposed agreement.
The holding deposit will be retained by the landlord/letting agent if you fail to take all reasonable steps to enter an agreement when the landlord and/or agent has done so.
If we intend to retain the holding deposit, we will advise you in writing the reason for this within 7 days of deciding not to enter an agreement.
The holding deposit will be refunded to you if the landlord withdraws from this agreement or the deadline agreement is not met.